Japanese yen, third in the world for forex trading, has fallen to 34-year lows versus the US dollar and Bitcoin, to the point where one yen was worth zero Bitcoin.
According to Bloomberg report, this fall coincides with Japan’s struggles with hyperinflation. Japan’s fiat currency is impacted by different interest rates than those of the US Federal Reserve.
In line with the views of Bitcoin supporter Michael Saylor, who highlights the cryptocurrencycurrency’s strong design, which includes a fixed supply of 21 million BTC and controlled inflation through halving events, the cryptocurrency community hails Bitcoin as “sound money” and a revolutionary force for financial independence.
According to Google Finance, one Japanese yen was equal to zero Bitcoin, demonstrating the rising value of Bitcoin in comparison to the weakening yen. When spot BTC ETFs were approved in February, Bitcoin saw a sharp increase in value relative to other fiat currencies, setting records in 14 different nations.
Noting the recent halving, Bitwise CIO Mat Hougan anticipated a favorable effect on Bitcoin’s long-term market value. This continuous pattern highlights Bitcoin’s adaptability and increasing allure in the face of international economic uncertainty.
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